Guidance

Guidance

We would expect law firms to understand (and document where necessary) all relevant risk factors involved in a transaction such as, among other matters, conflicts of interest or acting by implication for any unrepresented parties.

Glossary terms

client money

has the meaning given in rule 2.1 of the SRA Accounts Rules

authorised body

means:

a body that has been authorised by the SRA to practise as a licensed body or a recognised body; or

a sole practitioner's practice that has been authorised by the SRA as a recognised sole practice

mixed payments

means a payment that includes both client money and non-client money

client account

has the meaning given to it in the SRA Accounts Rules

costs

means your fees and disbursements

client

means the person for whom you act and, where the context permits, includes prospective and former clients

in the SRA Financial Services (Scope) Rules, in relation to any regulated financial services activities carried on by an authorised body for a trust or the estate of a deceased person (including a controlled trust), means the trustees or personal representatives in their capacity as such and not any person who is a beneficiary under the trust or interested in the estate